Abu Dhabi Commercial Bank posts AED 4.196 billion profit for the first nine months of 2019

Abu Dhabi Commercial Bank (ADCB) today announced its financial results for the first nine months of 2019.

The following financial results are based on the preliminary financial statements for the nine months of 2019 of the consolidated entity after the completion of the merger between ADCB and UNB and then the acquisition of Al Hilal Bank on May 1, 2019.

The Group posted a net profit of AED 1.413 billion at the end of the third quarter of 2019.

Compared to the second quarter of 2019, net profit remained at AED 1.520 billion, excluding one-off merger costs.The Group's net profit was AED 4.196 billion at the end of the nine months of 2019 and return on equity was 11.9% YoY.

The bank said in a statement today that the integration of branches and ATMs was fully completed during the half of the target period as follows:

- The branch network of 72 branches and more than 450 ATMs has been successfully unified nationwide.

- Abu Dhabi Commercial Bank (ADCB) identity has been added to all the Group's banking platforms as of October 6, 2019, offering exceptional and unified service to all customers.

- Target the completion of the full consolidation of business by the end of the second quarter of next year, which means to reduce the period of time in half, or 17 months from the date of the announcement of legal merger.

- Surpassing the previously set cost of merger savings (Cost Synergy Target) previously set at AED 615 million, revised upwards to reach the target level of AED 840 million by the end of 2021, equivalent to a 37% increase.

- The Bank has already achieved cost savings of AED 159 million out of the total savings for this year.

- The restructuring of Al Hilal Bank under the umbrella of the new banking group has been completed and the corporate banking portfolio has been transferred to ADCB.